A股：外资，掌握行情话语权，股民应该好好看一下！

Group 1 - In September, overseas funds saw a net inflow of $4.6 billion into the Chinese stock market, marking a 12-month high for a single month [1] - Year-to-date, foreign capital has accumulated a total purchase amount of $18 billion, significantly surpassing last year's total of $7 billion, more than doubling the previous year's figure [1] - Foreign investors are shifting their focus from traditional consumer stocks to technology and advanced manufacturing, particularly in the semiconductor industry, which has become a key area for investment [1][3] Group 2 - The market has observed a trend of foreign capital moving from traditional blue-chip stocks to technology growth stocks, with companies like Alibaba, CATL, and JD.com becoming favored targets for increased investment [3] - Some previously popular sectors, such as insurance and traditional consumer stocks, are experiencing significant sell-offs, with companies like Ping An and Pop Mart frequently appearing on sell lists [3] - Despite the influx of foreign capital, there is a notable outflow of approximately $600 million from active funds, indicating that many foreign institutions remain cautious and are still in a wait-and-see mode [5] Group 3 - The substantial inflow of funds in September was partly driven by "passive funds" due to index adjustments by MSCI and FTSE Russell, which required ETF funds to proportionally buy Chinese assets, reflecting mechanical allocation rather than active investment decisions [5] - Some foreign investors exhibit a trading style similar to retail investors in A-shares, characterized by chasing hot sectors and quick trades, lacking a stable long-term holding strategy [5] - The historical volatility of the A-share market, with its pattern of "short bull and long bear" trends, has made many overseas investors hesitant to commit to long-term investments [5][6] Group 4 - Attracting foreign capital is not difficult due to policy openness, low valuations, and clear signals of economic recovery, but retaining them as "patient capital" requires further efforts [6] - Continuous improvement in the quality of listed companies and enhancements in trading regulations, such as better information disclosure and combating financial fraud, are necessary to build investor confidence [8] - The current influx of foreign investment into China's technology and manufacturing sectors is a positive signal, but transforming this short-term speculation into long-term commitment will require significant progress [8]